Description

Two-story prime Studio City apartment building. Property is late 70's construction that has been thoughtfully updated over the years, with top-tier workmanship, attention to detail, and style. All upgrades have been built to last and to grasp the attention of the consumer (tenant) who appreciates both quality and style. This is not your typical valley apartment building.The floor plans are gracious, with ample light, and designed for living. The layout of all units invokes a feeling of a home, not just an apartment. Each unit has a spacious balcony. Some with great views. There have been thoughtful upgrades to the landscaping, and hardscape elevating the curb-appeal of this property. Besides lower maintenance costs due to the many upgrades, 10 of the 14 units have individual water meters and pay for their water and sewer use. The remaining 4 units can be easily upgraded to the metered system. The owner has structured things so that tenants basically pay all utilities including water and sewer charges. This makes a very low cost to operate the building. The building sits next to a quiet, walkable neighborhood. This building, and the people who have chosen to call it home over the years have most certainly enjoyed the amenities and quality the property (and area) has to offer. They (because of the building's qualities) have also come to enjoy the feeling that they are a part of the neighborhood community. 26 parking spots. Semi-Subterranean parking: 8 tandem, 8 single spaces,1 (permitted) tandem private garage/storage, and 8 side-by-side private gated parking off of the rear alley. There is a (permitted) converted finished office/studio in the garage area with access ready for toilet/drainage and water supply. Updated laundry room with stainless sink basin. 2 coin-op drum washers, and 2 coin-op stack dryers. All equipment is owned. There are two large 3-bedroom 2.5 bath townhouse units at the front of the building with tenant-owned washer and dryer in the units and each have private front yards. Both front units have been updgraded with modern appointments. All (higher-end) appliances are owned by the owner, including refrigerators. Six of the eight 1 bedroom 1 bath units have been completely upgraded/renovated. It is a mix of real veneer wood flooring and newer durable vinyl flooring. The kitchens and bathrooms have porcelain tile, with new tubs and tasteful subway tile surrounds. Three of the four 2 bedroom 2 bath units have been completely upgraded and are appointed similarly to the upgraded 1 bedroom units.4) All units come with top level appliances: Microwaves, dishwasher, garbage disposal, refrigerators, gas range/oven. Each unit has a ceramic log natural gas fireplace with wall switch ignition. Built in 1978, the building is a mix of primarily timber framing (with sheer walls) and heavy steel construction. Stucco exterior in good condition. Flat BUR roof was completely replaced circa 2019.4) The perimeter of the building has a pitched roof with composite shingles in excellent condition. With an eye on longevity, and reduction in service costs, the property has been meticulously upgraded.1) 95% of the plumbing has been replaced with PEX and copper (L).a) The 2016 era water heater is a 100-gallon high efficiency unit with all installation to code. It is regularly inspected, and maintained. The plumbing system has a hot water GRUNDFOS circulation pump on a wifi-timer. Mostly of the units have updated shower controls and fixtures throughout. All toilets have been replaced with top-end low water use, or dual flush units. 10 of the 14 units have been fitted with water use meters. Currently, 9 of those units (meters) are billed through management for both water and sewer. SEE COMPLETE PROPERTY NARRATIVE IN THE DOCS SECTION. There are 4 vacancies, financials based on projected rents.